Franklin Center, NJ Profile: Facts & Data

The Franklin Center CDP⁽¹⁾ had a population of 6,818 as of July 1, 2024. Franklin Center ranks in the upper quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in New Jersey. See peer rankings below.

The Franklin Center Census Designated Place has a U2 Census Class Code which indicates a census designated place without an official federally recognized name. It also has a Functional Status Code of "S" which identifies a statistical entity.

A Census Designated Place (CDP) is a statistical counterpart to a self-governing (incorporated) place such as a city, town, or village. A CDP is not a legal entity and has no governmental functions.

Franklin Center, NJ Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	6,818 (100%)
Population in Households	6,687 (98.1%)
Population in Families	5,473 (80.3%)
Population in Group Quarters¹	131 ( 1.9%)
Population Density	1,034
Diversity Index²	72


INCOME
Median Household Income	$145,531
Average Household Income	$205,862
% of Income for Mortgage⁴	25%
Per Capita Income	$91,401
Wealth Index⁵	243
Socioeconomic Status Index⁶	Moderate (64.2)

HOUSING
Total HU (Housing Units)	3,332 (100%)
Owner Occupied HU	2,197 (65.9%)
Renter Occupied HU	829 (24.9%)
Vacant Housing Units	306 ( 9.2%)
Median Home Value	$570,140
Average Home Value	$584,331
Housing Affordability Index³	87

HOUSEHOLDS
Total Households	3,026
Average Household Size	2.21
Family Households	2,000
Average Family Size	3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Franklin Center, NJ - Peer Comparisons by Rank and Percentile

The table below compares Franklin Center to the other 700 incorporated cities, towns and CDPs in New Jersey by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	0.05%	-0.34%
Households	0.29%	-0.01%
Families		0.01%
Median Household Income		1.74%
Per Capita Income		2.28%
Owner Occupied HU		0.59%

Variable Description	Rank	Percentile
Total Population	# 236	66th
Population Density	# 497	29th
Median Household Income	# 153	78th
Housing Affordability Index	# 428	61st
Per Capita Income	# 56	92nd
Diversity Index	# 155	78th

Franklin Center, NJ Profile: Facts & Data

Franklin Center, New Jersey - Basic Facts

Franklin Center, NJ Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Franklin Center, NJ - Peer Comparisons by Rank and Percentile

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